How the re-appraisal affects individual homeowners will vary based on the the ratio of the total increase in value to the specific increase in value of their home. The Township, County, and School Board, however, are all required to adjust their base tax rates to reflect the increased appraisals, and are then limited as to how much they can increase taxes in calendar 2021. The re-appraisal will reflect* the fact that market prices have increased since the last re-appraisal in 2000, so the total assessed value of the County and Township will increase. I’ve heard from a lot of people that they understand that the reappraisal is required to be revenue neutral. That’s plainly inequitable, and also harms the Township’s ability to raise revenue. Without regular re-appraisals, new homes would be taxed at higher rates reflecting the improving market, while existing properties with the same market value would retain their original assessed value. County-wide re-appraisals are provided for by law, and are encouraged in order to ensure that the County’s tax pool remains equitably distributed.

In general, tax assessment appraisals are conducted at three times: (1) subdivision and construction of a new property (2) during a tax assessment appeal filed by the property owner and (3) during county-wide re-appraisals. I’ve heard a lot of questions and more than a little misinformation about this process, so I’ve been meaning to share my understanding. That’s right, it’s budget season again! In advance of a longer newsletter about our 2020 budget, I’m sending an update reminding everyone that Delaware County is conducting a re-appraisal this year that is projected to go into effect in 2021.

Radnor township real estate